WATCH THE VIDEO HERE Nigeria’s foreign exchange (FX) reserves have recorded a notable decline, shedding $359.81 million within a single week to settle at $40.56 billion as of January 13, 2025. This decline follows a short-lived high of $40.91 billion recorded on January 7, 2025, and marks a steady downward trend in the reserves. The latest data from the Central Bank of Nigeria (CBN) highlights the fluctuating nature of the country’s external reserves, which serve as a critical buffer for stabilising the economy and maintaining investor confidence. The steady decline in Nigeria’s foreign reserves over the past week has potential implications for the country’s economic stability. Foreign exchange reserves play a pivotal role in supporting the naira, particularly in times of market volatility. Nigeria’s heavy reliance on imports for consumer goods, machinery, and industrial inputs further compounds the pressure on foreign reserves, particularly in a period of limited export diversification.
BREAKING: Nigeria’s FX reserves drop by $359.81 million in one week
